mPhase Breaks Out to the Upside
mPhase Technologies, Inc. [[XDSL.OB]] shares broke out to the upside in today’s session, as traders pushed the stock to a key resistance level at around $0.03 per share. Technical traders are now waiting to see whether the stock has enough momentum to break through this key level and move substantially higher.
Bull Case: Earlier this week, mPhase announced a co-branding agreement with a major industrial design company that could help jumpstart its marketing campaign. Many traders believe that this bit of news could be enough to support a push to break through the key resistance level.
Bear Case: Bearish traders look towards the past at several similar moves that resulted in a quick reversal to support their case. Moreover, they are quick to point out that despite today’s strong move to the upside, many indicators are now pointing towards an overbought condition that could lead to some profit-taking.
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